Renaissance Learning Receives Acquisition Proposal for $16.90/Share

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Last Update: 10-Oct-11 09:58 ET

Renaissance Learning (RLRN $16.97 +0.29) announced that it has received an unsolicited, revised definitive acquisition proposal from Plato Learning. Under the revised definitive proposal, Plato Learning proposes to acquire all of the outstanding shares of Renaissance Learning for an aggregate purchase price of approx. $496.0 million, which is financially equivalent to the acquisition of all of the outstanding shares of Renaissance Learning for $16.90 per share in cash.

Under the revised definitive proposal, the additional consideration payable under the revised terms of the proposed acquisition would be financed with an additional $25.0 million in equity. Co previously announced that Renaissance Learning and the Permira Funds entered into an amendment to the definitive merger agreement dated August 15 under which a company formed at the direction of the Permira Funds will acquire all of the outstanding shares of Renaissance Learning.

Under the amended merger agreement, an affiliate of the Permira Funds will acquire all of the outstanding shares of Renaissance Learning held by the Paul Shareholders for $15.00 per share in cash, and will acquire all other outstanding shares of Renaissance Learning for $16.60/share in cash, for an aggregate purchase price of approximately $455.0 mln, which is financially equivalent to the acquisition of all of the outstanding shares of Renaissance Learning for $15.50/share in cash.